A 
164
+2.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.72bn
FY2017FY2026
Net income
¥189.1m
FY2017FY2026
Free cash flow
¥399.0m
FY2017FY2026
Shareholders' equity
¥2.86bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.72bn | ¥4.16bn | ¥4.32bn | ¥4.04bn | ¥3.62bn | ¥3.10bn | ¥4.55bn | ¥5.47bn | ¥5.56bn | ¥5.43bn |
| Gross profit | ¥3.16bn | ¥2.90bn | ¥3.01bn | ¥2.85bn | ¥2.48bn | ¥1.94bn | ¥3.07bn | ¥3.79bn | ¥3.82bn | ¥3.84bn |
| Research and development | — | — | — | — | ¥3.0m | ¥34.8m | ¥14.2m | — | — | — |
| Operating income | ¥160.1m | ¥68.5m | ¥107.5m | ¥54.9m | ¥494,000 | −¥545.1m | ¥190.1m | ¥554.5m | ¥527.5m | ¥670.0m |
| Net income | ¥189.1m | −¥467.9m | −¥32.8m | ¥44.2m | ¥40.0m | −¥500.5m | ¥174.8m | ¥366.6m | ¥377.3m | ¥469.3m |
| Diluted earnings per share | 10.34 | -25.58 | -1.80 | 1.81 | 1.56 | -18.96 | 6.62 | 13.89 | 14.29 | 17.78 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.61bn | ¥3.32bn | ¥3.99bn | ¥4.81bn | ¥5.01bn | ¥4.89bn | ¥5.64bn | ¥5.89bn | ¥5.58bn | ¥5.54bn |
| Cash and short-term investments | ¥1.71bn | ¥1.98bn | ¥2.12bn | ¥3.03bn | ¥3.40bn | ¥3.49bn | ¥4.16bn | ¥4.37bn | ¥4.01bn | ¥3.85bn |
| Total liabilities | ¥758.0m | ¥550.5m | ¥655.8m | ¥598.0m | ¥641.4m | ¥571.0m | ¥633.0m | ¥872.3m | ¥731.8m | ¥725.2m |
| Debt | — | ¥4.0m | ¥7.9m | ¥11.9m | ¥15.7m | ¥19.5m | — | — | — | — |
| Shareholders' equity | ¥2.86bn | ¥2.77bn | ¥3.33bn | ¥4.21bn | ¥4.36bn | ¥4.32bn | ¥5.01bn | ¥5.02bn | ¥4.84bn | ¥4.81bn |
| Shares outstanding | 18m | 18m | 18m | 24m | 26m | 26m | 26m | 26m | 26m | 26m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥399.8m | ¥97.9m | ¥168.1m | ¥23.6m | ¥123.6m | −¥437.5m | ¥44.0m | ¥602.8m | ¥528.7m | ¥665.1m |
| Capital spending | −¥795,000 | −¥17.0m | −¥94.3m | −¥179.9m | −¥226.8m | −¥65.4m | −¥18.0m | −¥55.3m | −¥22.6m | −¥85.4m |
| Free cash flow | ¥399.0m | ¥80.9m | ¥73.8m | −¥156.4m | −¥103.2m | −¥502.9m | ¥26.0m | ¥547.6m | ¥506.1m | ¥579.7m |
| Dividends paid | −¥98.4m | −¥95.0m | −¥78.7m | −¥80.9m | −¥988,000 | −¥183.8m | −¥183.6m | −¥184.5m | −¥188.7m | −¥249.1m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.14bn | ¥1.30bn | ¥1.17bn | ¥1.14bn | ¥1.18bn | ¥1.22bn | ¥1.02bn | ¥1.06bn |
| Gross profit | ¥782.4m | ¥857.0m | ¥796.0m | ¥770.6m | ¥788.0m | ¥807.0m | ¥712.8m | ¥739.0m |
| Operating income | ¥41.9m | ¥124.1m | ¥33.0m | ¥45.0m | ¥33.0m | ¥49.0m | ¥14.7m | ¥52.0m |
| Net income | ¥33.4m | ¥82.2m | ¥100.5m | ¥24.9m | ¥26.0m | ¥37.0m | −¥556.9m | ¥58.0m |
| Diluted earnings per share | 1.83 | 4.50 | 5.50 | 1.36 | 1.42 | 2.02 | -30.45 | 3.17 |
| Cash from operations | — | — | — | — | ¥249.0m | — | — | — |
| Capital spending | — | — | — | — | −¥66.0m | — | — | — |
| Free cash flow | — | — | — | — | ¥183.0m | — | — | — |
| Total assets | ¥3.56bn | ¥3.65bn | ¥3.61bn | ¥3.42bn | ¥3.43bn | ¥3.42bn | ¥3.32bn | ¥3.91bn |
| Cash and short-term investments | ¥1.80bn | ¥1.76bn | ¥1.71bn | ¥1.61bn | ¥1.59bn | ¥1.53bn | ¥1.98bn | ¥1.96bn |
| Debt | — | — | — | — | — | ¥3.7m | ¥4.0m | — |
| Shareholders' equity | ¥2.87bn | ¥2.84bn | ¥2.86bn | ¥2.76bn | ¥2.73bn | ¥2.71bn | ¥2.77bn | ¥3.33bn |
Financial ratios
Data as of 19 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2007 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 67.0% | 69.7% | 69.8% | 70.5% | 68.5% | 62.7% | — | — |
| Operating margin | 3.6% | -10.8% | -0.1% | 1.0% | 0.3% | -17.6% | — | — |
| Net margin | 4.0% | -11.2% | -0.8% | 1.1% | 1.1% | -16.1% | — | — |
| Return on equity | 6.6% | -16.9% | -1.0% | 1.0% | 0.9% | -11.6% | — | — |
| Return on assets | 5.2% | -14.1% | -0.8% | 0.9% | 0.8% | -10.2% | — | — |
| Free cash flow yield | 13.2% | 3.8% | 8.6% | 5.0% | 8.2% | -8.5% | — | — |
| Revenue growth | 13.4% | -3.7% | 6.8% | 11.6% | 16.8% | -31.9% | — | — |
| Earnings growth | -140.4% | 1325.0% | -174.3% | 10.5% | -108.0% | -386.3% | — | — |
| Current ratio | 3.23x | 4.80x | 4.28x | 6.05x | 6.18x | 7.21x | — | — |
| Debt to equity | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — |
| Equity ratio | 79.0% | 83.4% | 83.5% | 87.6% | 87.2% | 88.3% | — | — |
| Interest coverage | 7056.38x | -6736.03x | -33.67x | 270.20x | 64.27x | — | — | -5398.28x |
| R&D as a share of sales | — | — | — | — | 0.1% | 1.1% | 0.3% | — |
| Buybacks as a share of market value | -0.0% | 0.0% | 24.9% | 5.2% | 2.6% | -0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.3% | 8.8% | -1.0% |
| Operating income | 42.9% | — | -16.8% |
| Net income | 62.4% | — | -13.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.2% | 69.2% | 68.2% | 68.8% |
| Operating margin | 2.6% | 2.3% | -0.6% | 5.6% |
| Net margin | -3.1% | -1.6% | -3.0% | 2.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.8 | -7.3 | -79.1 | 78.8 | 81.0 | -7.0 | 19.6 | 14.1 | 12.6 | 14.7 |
| Price to sales | 0.6 | 0.8 | 0.6 | 0.9 | 0.9 | 1.1 | 0.8 | 0.9 | 0.8 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 26 Feb 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 10.00 | 2.00 | 3.00 | 3.00 | 7.00 | 7.00 | 7.00 | 7.00 |
- 3-for-1 split · 23 Feb 2005
- 2-for-1 split · 24 Feb 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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